Outsource Knowledge Management to India

Knowledge Management has assumed wide publicity and approval in US businesses due to the inevitable exit of the Millions of Baby boomers in the US preparing to retire over the coming decade. Millions turned 60 in 2005 and those who haven't are preparing to do so soon.

US businesses who have not embraced this concept or do not intend to do so soon will not be prepared to face the challenges of the coming decade. Some visionaries may feel using fresh minds may be required to get the winning edge in a new economy but this may not work all the time. There are no substitutes for experience gained over decades. There is much to lose as great employees retire and take with them their experience from their long illustrious careers when they walk out of the door.

Companies today are beginning to recognize the need to record, maintain and share valuable insights of its employees and use a variety of best practices to manage this intelligence. Two of the best practices used by them today include: Shadowing and Joint problem solving. The former uses observation of the "expert" as a means to replicate best practices whereas the latter uses a culture of team work to approach problem solving. The latter is specifically more advantageous as it uncourageous faster learning and replication.

An effective KM program should help a company do the following:

• Foster innovation by encouraging the free flow of ideas
• Improve customer service by streamlining response time
• Boost revenues by getting products and services to market faster
• Enhance employee retention rates by recognizing the value of employees' knowledge and rewarding them for it.
• Streamline operations and reduce costs by eliminating redundant or unnecessary processes

A creative approach to KM can result in improved efficiency, higher productivity and increased revenues in practically any business function.

Easier said than done, KM has some major challenges to include people and cultural issues. Establishing a culture that recognizes and encourage knowledge sharing is critical to the success of this concept. It is necessary to sell the concept of KM to the employees and this should not be underestimated. It is also necessary to identify and define what constitutes knowledge from a sea of information. Last but not the least, knowledge has to be maintained which necessitates constant updating of information to the latest date if possible.

Market Equations helps you develop, maintain and manage a successful Knowledge Management vision with its team of KM professionals.